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Dollar Slips Further | US PPI Rises

Published July 12, 2019
  • The US dollar fell for a third consecutive day on Friday. Federal Reserve Chairman Jerome Powell reiterated that a rate cut is likely at the Fed’s next meeting due to a slowing in business investment related to trade disputes and a global growth slowdown. The US Dollar Index was trading lower this morning, at 97.03 levels.
  • According to the monthly report published by the US Bureau of Labor Statistics, the Producer Price Index in June rose a modest 0.1 percent to match the previous month’s reading and the core PPI, which excludes the volatile food and energy prices, was 0.3 percent against the expectation of 0.2 percent.
  • Minutes released yesterday from the European Central Bank revealed that policymakers are prepared to ease policy and unleash new stimulus measures into the euro zone economy through interest-rate cuts or the relaunch of a €2.6 trillion bond-buying program, amid deep concerns over slowing global growth and trade disputes.
  • WTI oil was trading higher on Friday as US oil producers in the Gulf of Mexico cut more than half their output ahead of a tropical storm and as geopolitical tensions continued in the Middle East. WTI crude was up by 0.1 percent, at 60.27 a barrel on the day.